P. M. BRIEFING : U.S. Import Prices Climb 1.7%
The prices Americans pay for imported goods rose 1.7% during the first three months of 1989, down slightly from the pace in the previous quarter, the government reported today.
The Labor Department said the first-quarter rise followed a 2% increase in the final three months of last year and a 1.3% decline during the third quarter of 1988.
The January-March increase was primarily due to an 18.3% jump in prices for imported fuels, led by a 27.8% surge in prices for imported crude oil in response to a November agreement by the Organization of Petroleum Exporting Countries.
Excluding fuels, import prices rose a modest 0.5% during the first quarter after climbing 2.4% in the previous quarter. The advance in prices for non-energy imports was held down in part by the appreciation of the U.S. dollar during the period, the Labor Department said.
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